Deutsche Bank board set to confirm Jain as co-CEO

The supervisory board of Deutsche Bank is set to confirm Anshu Jain as theco-CEO of the company together with his management board colleague, Juergen Fitschen, when it holds its regular meeting in Frankfurt on Tuesday.

Nomination of the bank's new leadership to succeed the current chairman of the management board, Josef Ackermann, whose term expires in May, 2013, will be the main item on the agenda of the meeting on the day the bank announces its quarterly results.

While the nomination of Jain and Fitschen to take over the reins of Germany's largest bank looks almost certain, there is new speculation that Ackermann may move to the supervisory board to replace its current chairman, Clemens Boersig.

Even though Ackermann, 63, had in April rejected any intention to join the supervisory board after nine years at the helm of the Frankfurt-based bank, he seems to be have changed his mind after a majority of the employee representatives on the 20-member board favoured him to take over its leadership from Boersig, whose term also expires in May, 2013, media reports said.

Some employee representatives of the board insisted that Ackermann should join the supervisory board as a condition for their endorsement of the Jain-Fitschen team, according to the reports.

They wanted to keep him in the bank because of his extensive knowledge of operations, long experience and high-level political contacts.

Boersig is expected to step down one year before his term expires to clear the way for Ackermann to take over his post, die Welt newspaper said in its Sunday edition.

Boersig is prepared to take this step to achieve a broad consensus among the board members on nominating Jain and Fitschen to succeed Ackermann as co-chairmen of the management board, the newspaper said.

Source: Business Standard